Certain types of machines, such as industrial-grade motors and generators, are often placed in operation for extended periods of time thereby subjecting various moving components of these machines to continuous wear and tear. A break-down, malfunction or development of an incipient fault in these types of machines is undesirable, particularly in view of costs associated with repairs and loss of service. Consequently, some critical components of such machines are traditionally monitored in a preemptive manner so as to collect performance data indicative of a potential breakdown or a possible maturing fault. However, due to various reasons such as cost of monitoring solution with respect to asset cost and associated maintenance efforts, relatively smaller machines (typically found in industrial or medium/low voltage applications) can be left unmonitored. In some cases, a malfunction or deterioration in one or more of these unmonitored machines may eventually contribute, directly or indirectly, to a malfunction or breakdown of the machine itself and/or an entire process cycle (such as manufacturing), leading to a loss in scheduled profits.